BIK Annual Benefits

BENEFIT IN KIND - ANNUAL BENEFITS

For further information on Benefit in Kind, click here

To access this utility go to Employees > Update employee benefits > Select "Annual"

This section should be used for annual payments such as medical insurance, accommodation, sports memberships etc. paid by the employer on behalf of the employee.

  • Enter Description of Annual benefit e.g. medical insurance, accommodation
  • Enter Cost (this year) to Employer

Input the annual cost of benefit. If the benefit is only for part of the tax year, input the annual cost of the benefit and the start and end dates will make the appropriate adjustments

  • Enter Employee Contribution if any
  • If annual payment is for medical insurance - tick the box provided to indicate this.
  • Enter Start Date and End Date

If the benefit continues to the end of the tax year, it is not necessary to enter an end date.

  • Click Update file & show calculation of Notional Pay 

The Notional Pay will be added to the employee's Gross Income each pay period to ensure that the correct PAYE, USC and PRSI are charged.

 

 SUBSEQUENT ANNUAL PAYMENTS

 *Please note: The original annual payment should NOT be removed. Simply enter the end date of the original payment and start the new payment in the section provided. 

  • Enter Description of the new annual benefit e.g. medical insurance, accommodation
  • Enter Cost (this year) to Employer

Input the annual cost of the benefit. If the benefit is only for part of the tax year, input the annual cost of the benefit and the start and end dates will make the appropriate adjustments

  • Enter Employee Contribution if any
  • If annual payment is for medical insurance - tick the box provided to indicate this.
  • Enter Start Date and End Date

If the benefit continues to the end of the tax year, it is not necessary to enter an end date.

  • Click Update file & show calculation of Notional Pay

 The Notional Pay will be added to the employee's Gross Income each pay period to ensure that the correct PAYE, USC and PRSI are charged.

 

 

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